Taxpayers to Receive Transition Relief for RMDs
August 01, 2023IRS Adds Transition Relief for RMDs There is ongoing confusion about required minimum distributions (RMDs). Therefore, the IRS has found it necessary to give limited transition relief to both IRA owners and beneficiaries. The SECURE 2.0 Act of 2022 included many changes in retirement planning. Starting in 2023, these changes take effect including moving up… Read more »
Warning Hot Summertime IRS Scams
August 01, 2023IRS Scams on the Rise Like the Summer Heat The IRS recently announced a surge in tax scams this summer. The scams are coming to taxpayers via email and text messages. They promise tax refunds and quick fixes to tax problems. They are all illegal and dishonest. One of the more prominent email scams… Read more »
Illinois Governor Offers Tax Relief Due to Severe Weather
August 01, 2023Illinois Taxpayers Receive Tax Relief Due to Severe Weather Gov. JB Pritzker announced a Disaster proclamation. This will provide tax relief for individuals and businesses devastated by the severe weather and tornadoes on June 29th through July 4th. Twenty-one counties across Illinois are affected. Taxpayers may request waivers of penalties and interest on state taxes… Read more »
Common Business Disputes
July 14, 2023In the vibrant city of Chicago, known for its fierce winds and dynamic business landscape, the smooth sailing of corporate operations is sometimes stirred by unexpected gusts of disputes. Every business, whether a startup or a well-established firm, might have to face these testing times. At Anthony J. Madonia & Associates, Ltd., we understand these… Read more »
New Business Structures
July 07, 2023How a New Business is Structured When you think about the world of business, it’s easy to picture a static landscape, with classic structures such as sole proprietorships, partnerships, and corporations forming the backbone of the economic landscape. However, just like our personal lives, the business world is in a constant state of evolution. In… Read more »
IRS Lags on Amended Returns from Last Tax Season
June 26, 2023Overall Performance Improved but Only Slight Improvement for Amended Returns and Taxpayer Correspondence The report is in. The Internal Revenue Service improved its performance during this year’s tax season. They caught up on much of its backlog. Yet, they still are behind on dealing with all the amended returns and correspondence it received this year,… Read more »
New Hire Reporting — What You Need to Know
June 22, 2023Illinois Requires New Hire Reporting Businesses need to remember that state and federal laws require all employers to report each new and rehired employee to a state Directory of New Hires. Congress and the states adopted these laws to increase child support collections on both state and national levels and reduce fraudulent unemployment and worker’s… Read more »
Balance Due Notices from IRS to Start Up Again
June 06, 2023IRS Begins Sending Balance Due Notices Again After a year of suspended notices, an estimated 5 million to 8 million taxpayers will begin receiving notices that they owe money to the IRS. The Internal Revenue Service has restarted mailing out the automated collection notices that it paused last year while it tried to catch up… Read more »
Practicing Financial Wellness
June 01, 202310 Steps on How to Practice Financial Wellness What financial wellness is? Wellness is a “hot topic”. When you hear about it you probably think of yoga, matcha tea, retreats by the ocean, etc. There’s another side of wellness that can go overlooked in the hustle and bustle of life, but it’s just as important… Read more »
What is the Role of AI in the Legal Field?
May 30, 2023The legal field is one of many pondering the use and application of ChatGPT in the future. Law is one of several professions that appears to be on the cusp of being transformed by ChatGPT, which takes a whole lot less billable hours to whip up documents, but the chatbot isn’t prepared to have its… Read more »